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While we don’t have an exact date yet, we’ve been rigorously testing the platform and we are all very excited to bring Phenom Poker to the poker community. We’ve been humbled by the amount of interest and excitement the poker community has shown in this project. Every day we receive messages from people anxious for the arrival of Phenom Poker. At the time of this writing, there are now more than 3,200 people on the waitlist which continues to grow every day. We’ve also been busy building an extensive network of agents who can help bring players to the site. All of this is extremely exciting but it also introduces some scenarios that we need to make sure we account for.
As you know, the Phenom Token Price is a direct function of revenue (if you’re unfamiliar with how the Phenom Token works a good place to start is our prior post A Deep Dive into the Phenom Token). Revenue fuels the Treasury, which in turn fuels token redemptions. As the site grows, so will the price of the token, as well as the Treasury. This all works on an assumed distribution curve. But what happens if we break the curve; i.e. thousands of players come to play in the very beginning? Well the price would shoot up quickly while also distributing more tokens than originally modeled. Not the worst scenario right? The problem here is if the holders of those tokens immediately move to redeem at the now much higher price, it's possible the Treasury won’t have enough funds to handle that demand (because there hasn’t been enough time for the Treasury to build reserves).
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In order to solve this potential scenario, we’ve decided to implement price caps during the first 4 months of Phenom Poker’s existence. This will help protect against the above scenario and give the Treasury more time to build additional reserves should user growth be faster than anticipated. A strong Treasury is good for everyone and ensures the site can both grow in a healthy way while also being able to fulfill redemption demand. After week 16, the price is uncapped is set weekly based on the existing formula.
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As you can see, we’ve also added a new Token Bonus to help compensate for the capped growth. Please keep in mind, it's entirely possible that the token price grows beneath these caps, meaning nothing changes. We don’t know what the token price will be at any future point in time nor do we know how many people will choose to redeem their tokens. We are merely trying to create a plan that accounts for any scenario and ensures the healthy growth of the site, which is owned by everyone who plays on Phenom Poker.
As an additional measure to protect the Treasury, we're also implementing the following hard-coded rule for large redemptions:
This rule creates an additional measure of protection from scenarios that could deplete the treasury too quickly.
As always, we are open to hear your feedback! We’ve created both a Discord server and Telegram group channel for the community so be sure to join!
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